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Insolvency & Bankruptcy Code 2016 |
Earlier the laws, such as SICA along with proceedings before BIFR, SARFAESI, and certain provisions of Companies Act dealt with the Insolvency & Bankruptcy of Companies, corporations, individuals etc. However, the legislations and statutes often fell short of providing efficacious reliefs, and were inadequate and impeding the impetus which was initially envisaged while drafting these laws.
With the introduction of Insolvency & Bankruptcy Code 2016, several laws are amended and consolidated to pave way for reorganization of resolution of corporate persons, companies, partnerships, individuals etc and also for appointment of insolvency professionals. One of the most celebrated features of Insolvency & Bankruptcy Code shall unarguably be the time bound manner in which the petitions are sought to be disposed off. The Code provides for constitution of NCLTs for adjudication of claims by corporate persons and firms and DRTs as adjudicating authorities for resolution of insolvency and bankruptcy of individuals. Information Utility are also sought to be set up for the purposes of collecting, collating, verifying and disseminating financial information to facilitate these proceedings.
The NCLT has been constituted at 10 cities with 11 benches with its Principal Bench at New Delhi and covers all the states and UTs of India. Any appeal from these benches shall lie within the jurisdiction of National Company Law Appellate Tribunal, New Delhi.
Our team at Justitia Law Offices and liaisons offshore, in addition to keeping abreast with the development happening in different jurisdictions on the subject are also actively engaged in Tribunal proceedings, counseling, advising and providing end to end support to our clients.
Due to recent amendments in IBC, homebuyers have now been included in the definition of 'Financial Creditor' under IBC, 2016, as such the investors who had put in their monies in realty projects, have now tremendous chances of recovering their dues from the Realty Companies/Builders
Some of the recent judgments can be found here. |
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